Armeconombank cuts mortgage interest rates by 2 %

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06.10.2009, 15:23

Armeconombank has cut interest rate on mortgage credits by 2 % bringing it to 14%. The interest rate on loans for home construction and repair was reduced to 16%.

YEREVAN, October 6, /ARKA/. Armeconombank has cut interest rate on mortgage credits by 2 % bringing it to 14%. The interest rate on loans for home construction and repair was reduced to 16%.

According to a statement posted on the bank’s official website, the trust in the bank continues to grow, evidenced, particularly, by a sizeable rise in Q3 indices.

Thus, the bank’s assets in Q3 rose by 15.5%, extended credits rose by 3.3 billion Drams, time deposits grew by 1.5 billion Drams, individual deposits by 1.2 billion Drams and corporate deposits by 9.2%. As a result the bank posted 300 million Drams in net profits in Q3.

Armeconombank is one of Armenia’s most dynamic banks. Its capital at the end of September exceeded 8.5 billion Drams with total assets of 52 billion Drams, credit investments rose to 29 billion Drams. The bank has 34 branches in Armenia and Nagorno-Karabakh. ($1 – 383.32 Drams). M.M. -0-

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